The alleged specifications come from The Straits Times from Singapore, home base for Fusion Garage. Fusion Garage is the team working on the CrunchPad, and they gave an exclusive sneak preview to The Straits Times. The device is supposed to ship in November, and is totally geared towards the cloud. Here's the specifications list:

As you can see, there's no local storage, not even an SD card slot. This means that the device is really engineered towards the cloud internet, as it assumes you will always have an internet connection so you can save your stuff. Software-wise, it's a browser-based operating system which uses the WebKit rendering engine and the Linux kernel. It has an on-screen keyboard, and features touch gestures for day-to-day operation.

Several other previously mentioned things are no longer on the alleged list - microphone, microphone, webcam, and so on. At an alleged 399 USD, this is a lot of money for such a device, but I must say it does have a certain appeal. However, will it be able to compete with any possible Apple tablet? Time will tell.